We take on numerous vital responsibilities to ensure a seamless closing process. Our skilled processors and attorneys meticulously review sales contracts, verify property details and ownership, and collaborate with lenders to meet all necessary requirements. We notify all parties involved, resolve any title issues, and coordinate closely with buyers, sellers, real estate agents, and lenders to facilitate a smooth closing. From recording documents and disbursing funds per the settlement statement to holding escrow funds and issuing title insurance policies, we manage every detail with precision and care.

To provide an accurate answer, we would need to review the sales contract. Typically, sales contracts outline the distribution of settlement charges between the parties involved.

Once we receive the signed sales contract, the initial step is conducting a title search for the property. Our expert abstractors meticulously examine land, tax, court, and other official records within the property's jurisdiction. They then generate a detailed report, summarizing all findings to ensure clarity and accuracy throughout the process.

Before the settlement process can proceed, the title must be deemed “good and marketable.” The title search results reveal key information, such as the current record owner, any liens on the property, and any restrictions on its use. Our attorneys will carefully review and verify the title search report, identifying any necessary steps to clear the title, ensuring the buyer receives a marketable title for a smooth transaction.

Title insurance protects lenders and owners from losses if the property title isn't as insured. It’s a key part of almost all real estate transactions and is purchased at settlement. While it can be one of the higher closing costs, it offers essential protection against significant financial risks.

There are two types of title insurance: lender’s and owner’s. Lender’s insurance is required, while owner’s insurance is optional but highly recommended, as it covers the buyer’s investment. Coverage comes in two levels—Basic and Enhanced. Enhanced offers more protection but at a higher cost.

Title insurance is a one-time premium paid at closing. If purchased later, another title search and additional paperwork are required.

Title insurance is often misunderstood. Unlike other insurance, which covers future risks, title insurance protects against past defects in the property's title.

Even a thorough title search may miss issues that can cloud ownership, such as errors in public records, fraud, forged documents, undisclosed heirs, or adverse possession. Title insurance covers losses from these hidden problems, including legal defense and financial claims.

Once the title search is complete, Masters Title issues a title commitment, outlining the insurance type, exclusions, and exceptions—like mortgages, easements, or agreements. It’s crucial to review this document carefully to understand how these exceptions might affect future property plans.

At closing, the final steps of the real estate transaction take place. All necessary documents are reviewed, and the buyer, seller, and other parties sign agreements such as the deed, settlement statement, and loan paperwork. The buyer provides the required funds for the down payment and closing costs, while the lender sends the loan amount. The title company then disburses the funds according to the settlement statement. During this process, the property’s title is officially transferred from the seller to the buyer, and the title company records the deed and other necessary documents with the local government office. At this point, both the lender's and, if purchased, the owner's title insurance policies are issued. Once everything is finalized, the buyer receives the keys, officially completing the purchase and becoming the new property owner.

Unless otherwise agreed, the closing is attended by all buyers, sellers, and their respective real estate agents, with a settlement officer conducting the process. In some cases, lender representatives may also be present, though their attendance is less common.

If a buyer cannot attend the closing, they may be permitted to use a Power of Attorney to designate someone—such as a spouse, relative, or friend—to sign documents on their behalf. This person must attend the closing and present proper identification. The use of a Power of Attorney requires approval from both us and any involved lender. If this option is chosen, inform us promptly so we can prepare or review the necessary documents ahead of closing.

Similarly, if a seller cannot attend, notify us as soon as possible to prepare a Power of Attorney for someone to sign on their behalf. This representative will need to bring proper identification to the closing.

The original Power of Attorney must be recorded among the Land Records. Please note that an interested party, such as a real estate agent, cannot act as your attorney-in-fact.